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Sep 30, 2020
COPT Q3 2020 Earnings Report
Reported strong performance driven by solid demand and tenant retention, exceeding high-end guidance and raising full-year expectations.
Key Takeaways
COPT reported a strong third quarter, exceeding the high-end of its guidance for FFO per share and same-property cash NOI. Solid demand in Defense/IT Locations supported strong development leasing, and tenant retention is on track for a 20-year record. The company is raising its full-year guidance for FFO per share, as adjusted for comparability, by 2 cents at the mid-point, to $2.09.
3Q20 Results Outperform High-End of Guidance; Increase Full Year Guidance
COVID-19 Impact on Operations Remain Minimal; 3Q20 Rent Collections Continue to Exceed 99.5%
Core Portfolio 94.0% Occupied & 94.6% Leased
1.2 Million SF of 99% Leased Developments Placed in Service During First Nine Months of 2020
Forward Guidance
Management is increasing its prior full-year guidance ranges from $0.48-$0.52 for EPS to a new range of $0.77-$0.79. Management is also increasing its full-year guidance ranges for FFOPS per Nareit and FFOPS, as adjusted for comparability, to $1.44-$1.46 and $2.08-$2.10, respectively.
Positive Outlook
- EPS guidance increased to $0.77-$0.79
- FFOPS per Nareit guidance increased to $1.44-$1.46
- FFOPS, as adjusted for comparability, guidance increased to $2.08-$2.10
- Development pipeline is 84% leased
- Expects FFO growth of 3-6% in 2021
Historical Earnings Impact
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Avg. Return Before/After Earnings
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